Drugstore chain CVS on Thursday officially announced its own mobile payments solution called CVS Pay. The mobile payments platform is part of the CVS Pharmacy app, enabling customers to pay for products, collect prescriptions and earn loyalty rewards by just by scanning the barcode in the mobile app. The aim is to do away with the current manual process to complete a checkout, according to the company.
Customers at present have to show their physical CVS Pharmacy rewards card or present their id or birth date in order for the team member to check their account information. Henceforth all the verifications for the prescriptions and the payment will take place in the app.
All debit and credit cards information will be included in the pharmacy app, after which customers can hold their mobile phones out to be scanned when checking out. The app presents a proprietary barcode which the store associate scans and then the customer can tap the card they want to use for payment within the app.
The pharmacy app can also be used to manage the entire prescriptions using a barcode. To verify prescriptions and payments, the customer has to enter certain specific details like a PIN and signature. Once the payment goes through, confirmations are delivered through the app.
The platform currently supports all major credit cards including Visa, MasterCard, American Express and Discover and debit cards. The app also allows payment cards, including HSA (Health Spending Accounts) and FSA (Flexible Spending Accounts) to help customers split the purchases.
The company is yet to adopt Apple Pay or other rival, NFC-based payment services at its registers. Though it could be adopted in the future, the drug chain believes in bringing its own payment solution as it does not require new hardware, and making it an end-to-end payment platform.
Alternatively, the app will also work in drive-up windows. Instead of handing over the phone to the store associate, customers can provide a five-digit number which will be presented on the screen to process the transaction.
The information in the app like customer prescription information, credit card data are all secured through the devices’ fingerprint reader systems, much like Apple’s Touch ID.
What’s notable about the about CVS Pay is how the company has managed to implement it in the market in a short span. While there have been stumbling blocks in between, the mobile payments platform was something the company had just started a few months back.
Earlier this year, the company had also invested in Curbside startup to bring mobile orders and store pickup to its retail stores.
The new mobile payments platform will be available at select stores in Pennsylvania, Delaware, New Jersey, and New York. It will also be launched in all stores across the nation by the year-end and will be available in both iOS and Android apps